Macro Analysis /

Egypt: Foreign holdings of T-bills rise 3.8% m/m to USD 23.8bn as of end-July

    22 September 2021
    • Portfolio flows into T-bills have amounted to USD 16bn since June 2020
    • This strong inflow has been key in stabilizing FX reserves, but makes Egypt vulnerable to capital outflows
    • Strong portfolio inflows reflect Egypt's high real interest rates, sizeable FX reserves and resilient economy